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Binance Coin Price Analysis: BNB attempts to build support at $480

XTZ price analysis

TL;DR Breakdown

  • Binance Coin price analysis is bullish today.
  • BNB/USD retraced and set a new higher low yesterday.
  • The nearest resistance lies at $490.

Today’s Binance Coin price analysis is bullish owing to the formation of a higher low around $475, which followed yesterday’s retracement. As a result, we anticipate that BNB/USD will regain its momentum and rise toward $510 today.

Binance Coin Price Analysis: BNB attempts to build support at $480 1Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum both traded in the red, with a loss of 2.88 and 2.99 percent, respectively. Meanwhile, Solana and VeChain (VET) dominate the market, with a gain of around 7.5 percent.

Binance Coin price movement in the last 24 hours: Binance Coin retraces to $481

The price of BNB/USD has been ranging between $475.42 and $482.73 on the 1-day chart, reflecting significant swings over the previous 24 hours. Trading volume has increased by 32.81 percent, with $3 billion worth of transactions recorded over the last day, while the overall market cap is about $82 billion and it ranks

BNB/USD 4-hour chart: BNB to set further highs today?

On the 4-hour chart, we can see Binance Coin price action pushing higher again today, which is likely to result in a new high by the end of the day.Binance Coin Price Analysis: BNB attempts to build support at $480 2

BNB/USD 4-hour chart. Source: TradingView

Binance Coin has had an excellent month in October. The end of the month saw BNB/USD fall to a new low of $320 on 29th September, after which a vigorous advance began on the 29th and continued into mid-October, bringing BNB/USD to $450 by the 7th of October.

On the 12th of October, the price fell to a low of $480 before beginning another rally that continued until it hit a new high on Monday.

Binance Coin made a final push higher after a brief retest of $480 high as support, eventually peaking at $505. Yesterday’s retreat took the market to $470, where a fast reversal was witnessed. Since then, BNB/USD has risen further, indicating that we may anticipate more highs set today.

Binance Coin Price Analysis: Conclusion 

The price of Binance Coin is rising fast, due to a higher low being formed overnight, which has prompted another push higher today. As a result, we anticipate BNB/USD to continue appreciating and attempt the $510 resistance later today.

While waiting for BNB to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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